Senate Vows Quick Action

BRIEFCASE

April 3, 1998

Key U.S. senators Thursday promised quick action on a popular House-passed measure to help credit unions, and the banking industry girded for a new fight before the legislation reaches President Clinton. The bipartisan bill, which won a 411-8 House vote Wednesday, would override a recent Supreme Court ruling by allowing federally chartered credit unions to continue to include more than one group in their memberships. Sen. Alfonse D'Amato, R-N.Y., chairman of the Senate Banking Committee, pledged prompt action while the banking industry continued its attack, urging that big credit unions be required to pay federal taxes.